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Representative Michele Bachmann (R-Minn.) formally announced her intention to seek the Republican nomination for the 2012 Presidential election.

Bachmann made the announcement in her hometown of Waterloo, Iowa, and stressed her connection to the Hawkeye State, which hosts the nation’s first caucus.

“I often say that everything I needed to know I learned in Iowa,” she said. “I know what it means to be from Iowa — what we value and what’s important.”

The Congresswoman, who founded the House’s Tea Party Caucus, came out firing at President Barack Obama, whom she called a “one-term President.” Bachmann also stressed that America was in trouble because of policy decisions on both sides of the aisle.

“Our problems don’t have an identity of party, they are problems created by both parties,” the Representative said. “Americans agree that our country is in peril today and we must act with urgency to save it. And Americans aren’t interested in affiliation; they are interested in solutions, and leadership that will tell the truth.”

Bachmann joins a crowded field of contenders for the GOP nomination for the Presidential election, which includes former Massachusetts Governor Mitt Romney, Representative Ron Paul (R-Texas) and businessman Herman Cain.